Spanish Court Tosses 10 Million Euro Audit Fine Against Deloitte

The Supreme Court of Spain upheld an appeal by Deloitte, overturning a 10.4 million euro ($12 million) fine against the Big Four accounting firm for its audit work for Spanish lender Bankia in 2011 ahead of an initial public offering.

Bankia experienced financial difficulties soon after, and ultimately required a bailout from the European Union in 2012 amid a broader financial crisis.

In a ruling published Wednesday, the high court upheld an appeal filed by Deloitte and its audit partner, Francisco Celma, against the fine. The penalty was imposed in 2014 by the Institute of Accounting and Auditing, ...